Guggenheim Increases Elastic (NYSE:ESTC) Price Target to $120.00

Elastic (NYSE:ESTC) had its price objective hoisted by Guggenheim from $100.00 to $120.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the stock.

ESTC has been the topic of a number of other research reports. Robert W. Baird raised Elastic from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $95.00 to $135.00 in a research report on Friday. Royal Bank of Canada raised their price target on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday. TD Cowen decreased their target price on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 30th. Baird R W lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Finally, The Goldman Sachs Group raised their target price on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average price target of $126.33.

Elastic Trading Up 3.2 %

Shares of NYSE ESTC opened at $111.45 on Friday. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The firm has a market capitalization of $11.45 billion, a P/E ratio of 202.69 and a beta of 0.94. The company’s 50 day simple moving average is $81.78 and its 200 day simple moving average is $96.91.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.35) EPS. On average, analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Buying and Selling at Elastic

In other news, CTO Shay Banon sold 2,666 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the transaction, the chief technology officer now directly owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 37,406 shares of company stock worth $2,627,772 in the last three months. 15.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elastic

Several institutional investors have recently bought and sold shares of ESTC. FMR LLC raised its holdings in shares of Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in Elastic during the 2nd quarter valued at about $248,335,000. Atreides Management LP grew its stake in Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after acquiring an additional 614,309 shares in the last quarter. State Street Corp grew its stake in Elastic by 2.3% during the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock valued at $110,323,000 after acquiring an additional 31,663 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Elastic by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after acquiring an additional 50,355 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

About Elastic

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.